(Albuquerque, NM) – The statewide gas price average in New Mexico is $3.17 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch. That price is five cents more from this day last week and $1.12 more per gallon than on this day last year. Of the major metropolitan areas surveyed in New Mexico, drivers in Farmington are paying the most on average at $3.42 per gallon while drivers in Albuquerque are paying the least at $3.11 per gallon. The national average price for a gallon of regular unleaded is $3.24, which is five cents more compared to this day last week and $1.06 more than the price per gallon at this same time last year.
According to the latest data from the Energy Information Administration for the week ending October 1, the U.S. gasoline demand number increased week-to-week and remains elevated from this time last year. Weekly regional fuel supply numbers fell slightly, and Gulf Coast refinery utilization registered up from the week prior. Drivers may see gas prices on the rise as crude oil prices had been increasing earlier this month due to the global economic uncertainty and supply chain concerns caused by the lingering COVID-19 pandemic.
“Crude oil prices have been driving up the price for gasoline recently as demand for fuel products has remained strong,” said AAA New Mexico spokesperson Joshua Zuber. “However, there may be some relief on the horizon as U.S. crude stocks increased last week.”
According to gasprices.aaa.com, New Mexico ranks 28th least expensive in the nation for a gallon of regular unleaded on average.
Prices up to date at press time using market prices posted at 3:41 a.m. Motorists can find current gas prices along their route with the free and revamped AAA App for iPhone, iPad and Android. The app can also be used to map a route and learn traffic conditions along that route, find discounts, locate parking, book a hotel and request and track AAA roadside assistance. Learn more at www.AAA.com/mobile.